The typical owner-occupied home in Cortez is worth about $272,900, 49% below the Colorado median of $539,400 and 18% below the national median of $332,700. Owners pay a median $701 a year in property taxes, about 0.26% of their home's value, lower than the Colorado rate of 0.48%. The median household earns $54,247 a year, so the median home costs 5.0 times the median income (5.6 times for Colorado). 66% of occupied homes here are lived in by their owners, and 59% of those owners still have a mortgage.
Cortez at a glance
| Cortez | Colorado | U.S. | |
|---|---|---|---|
| Median home value | $272,900 | $539,400 | $332,700 |
| Median property tax paid per year | $701 | $2,602 | $3,119 |
| Property tax as a share of value | 0.26% | 0.48% | 0.94% |
| Median household income | $54,247 | $95,470 | $80,734 |
| Homes lived in by their owners | 66% | 66% | 65% |
| Owner homes with a mortgage | 59% | 69% | 61% |
| Median monthly costs, owners with a mortgage | $1,297 | $2,326 | $1,963 |
| Those costs as a share of the owners' income | 23.5% | 22.1% | 21.0% |
| Median rent | $984 | $1,761 | $1,413 |
| Rent as a share of renters' income | 35.6% | 31.4% | 30.6% |
| Median year homes were built | 1972 | 1988 | 1980 |
| Vacant homes | 6.9% | 8.3% | 10.1% |
| Population | 8,976 | 5,862,189 | 334,922,499 |
What a typical home costs per month in Cortez
At this week's average 30-year rate of 7.11%, buying the median Cortez home of $272,900 with 20% down costs about $1,641 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $2,096, because the loan is bigger and FHA adds mortgage insurance.
Lenders usually want housing costs under about 28% of gross income, which means an income of roughly $70,350 for the 20%-down payment. That payment is 36% of the median Cortez household income of $54,247; at that income and 20% down, the 28% guideline points to a home of about $210,000.
The median rent here is $984 a month, so owning the median home costs about $657 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $54,580 |
|---|---|
| Loan amount | $218,320 |
| Principal and interest | $1,469 |
| Property taxes (0.26% a year) | $59 |
| Homeowners insurance (our estimate, 0.5% a year) | $114 |
| PMI | $0 |
| Total per month | $1,641 |
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| Down payment | $9,552 |
|---|---|
| Loan amount | $267,957 |
| Principal and interest | $1,803 |
| Property taxes (0.26% a year) | $59 |
| Homeowners insurance (our estimate, 0.5% a year) | $114 |
| FHA mortgage insurance | $121 |
| Total per month | $2,096 |
Change the numbers in the calculator
Questions about home buying in Cortez
What is the median home value in Cortez?
About $272,900 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Cortez?
Homeowners pay a median $701 a year, which is about 0.26% of the median home value. Your bill depends on your home's assessed value and local rates.
What income do you need to buy a home in Cortez?
For the median home with 20% down at 7.11%, the payment is about $1,641 a month. Keeping that under 28% of gross income takes about $70,350 a year.
More about Cortez
- Mortgage Refinance in Cortez
- Debt Relief in Cortez
- Home Equity Loans in Cortez
- Guides and quotes for mortgage refinance on our sister site, MortgageRefinance.com
Sources: U.S. Census Bureau, American Community Survey 2020–2024 5-year estimates; Freddie Mac Primary Mortgage Market Survey, week of November 12, 2026. Estimates for small places have wide margins of error. About our data